BNY CEO Mellon on Crypto: ‘We’re looking to the future with things like digital assets’

On Friday (January 13, 2023), Robin Vince, President and CEO of BNY Mellon, the world’s largest depository bank and securities services company, shared his thoughts on crypto.

According to transcription Provided by Seeking Alpha, during the Prepared Remarks section of his company’s Q4 2022 Earnings Call, BNY Mellon CEO said:

In Asset Servicing, we increased our sales. And at the same time, we’re looking to the future with things like digital assets and also focusing on the spend base. So, again, it’s something for the short term and for the medium term.

And then during the Q&A section, Vince said:

But specifically for digital assets, it’s the longer-term game of all the things we’ve talked about. I expect it to be negligible from a revenue standpoint over the next two years, it could be negligible over the next five years. But as the largest custodian in the world, we are in the business of keeping things. We look after $44 trillion worth of stuff.

And if there are going to be new things to watch out for, we should take care of them. If the way we deal with things, that is, most of the technology, changes, we have to adapt to that. And so we are investing for a future that will probably come to fruition, but it may not. But if it happens, we have to be there.

It would be like being the caretaker of 50 years ago and sticking to paper and not adopting a computer, it won’t be us. So we’re investing, we’re careful, we’re deliberate and we have R&D in different parts of the business and it’s measured. But we think it’s important for us to participate in the broader digital asset space.

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